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Airbus Group buy Salzburg bank

Airbus Group buys Salzburg Muenchen Bank

Leading aircraft manufacturer Airbus Group is planning to purchase Salzburg Muenchen Bank in a bid to increase financial flexibility and make it easier for customers to purchase their products.

The France-based company hopes to complete the purchase of the bank from their current owners Raiffeisenverband Salzburg as early as possible in 2014.

Ownership of a bank allows the Airbus Group easier access to funding from the European Central Bank and aids customer purchases. The move follows similar acquisitions by other industrial companies who are seeking to affiliate themselves with a bank to provide better lending options following the crisis.

The bank will be called Airbus Group Bank and overtime it should eventually serve all the subsidiary operations of Airbus.

"In the coming years the whole group can benefit through increased financing flexibility," said Chief Financial Officer Harald Wilhelm. "Salzburg Muenchen Bank provides us with a good platform to launch our company bank project."

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